XRP CTO Defends The Token After Kraken’s Statements

The crypto market has been abuzz in recent days with
multiple reports indicating that this occurred due to the deep chain reorganization
that hit the Ethereum Classic (ETC) Blockchain. There was a 51% attack on the
Ethereum Classic software. This shakeup in the cryptocurrency space has also
resulted in exchanges like Kraken and Bitfly
closely monitoring the ETC transactions conducted on their networks. The
platforms will continue to allow the trade of ETC on their exchanges.

Kraken: Deplatforming isn’t The Way Forward

After Kraken’s announcement, the crypto exchange got into a
tussle with a Twitter user who then asked Kraken to explain the reason why the
exchange has continued to list the Ethereum Classic (ETC) token. Kraken gave
the following reply:

“Ripple is just
another example of a Blockchain network which has had its own problems. Bitcoin (BTC), Ethereum (ETH),
and ZCash, to name a few have all had their own
share of issues over the years. This is
what crypto markets are for. People can
disagree or invest accordingly. In the end,
deplatforming isn’t the answer to
situations like this.”

Ripple CTO: Ripple Different from XRP or XRP Ledger

Kraken’s comment was called out by David Schwartz who works
as the Chief Technological Officer of XRP’s parent company Ripple. According to
him:

“It doesn’t look like
responsible when crypto exchanges misrepresent digital assets like this. Ripple
is a single entity and private company, much different from XRP. Both entities
are not interchangeable, and there is no disputing this.”

Schwartz made sure that his reply was focused on the fact that the Ripple network is just XRP’s
parent company under the xRapid, xVia and xCurrent
functions plus the XRP token itself. Many XRP enthusiasts went in the same part
as Schwartz’s stating that the problem
started from the crypto exchange and Kraken’s Twitter official handle.

One renowned XRP proponent backed Schwartz’s statements. The
user goes by Dr T. According to him:

“Thank you for
protesting for the accountability of the public. That twitter acc. hasn’t been
acting professionally for a very long time now. I just don’t understand the way in which the industry as a whole will
mature if a person like (@EDadoun) this will simply
be asking for reasons?”

The Attack Was Foreseen Months Ago

Dr T further stated as
per the report:

“The longer we stick
to the Proof of Work tokens listed on multiple exchanges, the more it becomes
inevitable that one day a 51% attack will make one exchange insolvent which
will affect other digital assets ultimately culminating in a market may crash.
This reality was revealed to Coinbase six
months back.”

The 51% attack or deep
chain reorganization that hit the
Ethereum Classic (ETC) blockchain initially resulted in tokens worth over
$460,000 manipulated on the network according to a Coinbase report at the time.
Coinbase had this to say:

“We have observed a repeated deep reorganization on the Ethereum
Classic software, most of which resulted in double spends. Further
investigation has revealed that the overall value of double spends noticed as a
result of the manipulation is 88,500 ETC which is to about $460,000.”